World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.
World leaders will gather in Cornwall for the first in-person G7 meeting for nearly two years. Reuters.

Britain invites G7 leaders to Cornish resort for June summit


Neil Murphy
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Britain announced plans to hold the first in-person meeting of the G7 for nearly two years in June, inviting the leaders of major developed economies to a picturesque seaside village to discuss climate change and rebuilding after the pandemic.

UK Prime Minister Boris Johnson said he wanted to use Britain's presidency of the G7 to forge a consensus that the global economy must recover from the Covid-19 crisis in a pro-free trade and sustainable way.

"Coronavirus is doubtless the most destructive force we have seen for generations and the greatest test of the modern world order we have experienced," he said.

"It is only right that we approach the challenge of building back better by uniting with a spirit of openness to create a better future."

The leaders last met in-person at a summit in Biarritz, southern France, in August 2019. Reuters
The leaders last met in-person at a summit in Biarritz, southern France, in August 2019. Reuters

Last year's G7 meeting, due to be hosted by US President Donald Trump, was cancelled because of the pandemic, meaning the leaders of Britain, Germany, France, the US, Italy, Japan, the EU and Canada have not met in person since the 2019 summit in Biarritz, France.

The Sunday Telegraph said the British government hoped the event would mark Joe Biden's first trip to Europe after he becomes US president on January 20.

"I don't think he will visit anywhere else before the G7, except possibly Canada," the newspaper quoted a British government source as saying.

Mr Johnson has also invited Australia, India and South Korea to attend.

The summit will take place in the tiny resort of Carbis Bay in Cornwall, south-west England. It is an area most famous for its beaches and surfing, but is also home to fishing fleets and was once an important mining area.

"Two hundred years ago Cornwall's tin and copper mines were at the heart of the UK's Industrial Revolution and this summer Cornwall will again be the nucleus of great global change and advancement," Mr Johnson said.

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

Who's who in Yemen conflict

Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government

Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council

Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south

Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

'The Coddling of the American Mind: How Good Intentions and Bad Ideas are Setting up a Generation for Failure' ​​​​
Greg Lukianoff and Jonathan Haidt, Penguin Randomhouse